It’s not often we run into gold, but when we do, there could be some serious cash involved. Gold earrings, bracelets, and other jewelry have been a huge part of culture throughout the years. It shows a sense of royalty, class, and of course wealth. But genuine pieces of gold are a lot more complex than most people may realize. Not a lot of people really know the types of gold bars, how to purchase them, and how much they are really worth. These precious metals may have a lot more value than you might think.
Types of Gold Bars
Gold is something that has to be clearly identifiable with how much it’s worth, similar to anything monetary. However, gold bars, and coins come in different sizes and shapes from various mints. Gold bullion can be either cast or minted. Cast bars are where molten gold is poured and solidified. This often causes the bars to be uneven and cheaper but makes them quicker to make and easier to identify. Minted bars, on the other hand, are cut to a required dimension making them even and smooth. All gold bullions are registered with serial numbers and a certificate of authenticity to prevent counterfeit or stolen gold bullion. The minted, larger gold bars usually come with protective packaging to keep them from being damaged or tampered with. A Kinegram is a hologram security feature that is inserted in the packaging. Bars with this feature are called Kinebars.
How to Get Your Hands on Gold
When buying gold, you’ll want to make sure you are going to reputable websites to reduce your chance of fraud. Some reputable sites are APMEX, JM Bullion, and WholesaleCoinDirect. You will want to choose the gold bullion based on the weight, quantity, and price. If you are looking to save some money but still own a gold bar, there are sometimes discounts for larger quantities, using wire transfers or you can even try bidding on eBay, though some of these options also open you up to purchasing fake products. Make sure you check the seller’s feedback before buying or bidding from anyone online. Bigger cities sometimes have Gold-To-Go ATMs. When buying gold, only purchase them if they are at least 90% buy weight, which is investment-quality gold. Also, if an investment is a goal, then gold coins should be avoided. Although they are cool and historically valued, they contain a lower quantity of gold and cost more. However, gold coins aren’t necessarily bad for your gold portfolio. They may not bring in the same amount of cash, but gold coins do have value and can work together with other types of gold.
How Big Are Gold Bars?
Keep in mind that smaller gold bars aren’t bad in terms of investment. Even small pieces of gold can be worth a big spot price since gold is such a rare and precious metal. Gold ranges from 1 gram to 1 kilo, to make the purchase, transport, and storage of gold much safer and affordable. 1 gram is the smallest size owned for investment. The smaller the piece of gold is the more expensive it is. The sizes go from 1 gram, 1/20 of an ounce (1.55 grams), 2.5 grams, 1/10 of a troy ounce (3.11 grams), 5 grams, 1/4 of an ounce, 10 gram, 1/2 of an ounce, 20 grams, to an ounce. A 10 troy ounce gold bar is about the size of five credit cards stacked on top of each other, and valuable enough that the storage requires planning. These are a sign of prestige. Finally, 1-kilo, the larger gold bars, are the biggest available for the public. About the same size as an iPhone 6, these bars weigh a lot due to density and are traded on the Commodities Exchange. While gold bullions may look small and invaluable, gold is such a rare mineral that you would be surprised how much they are really worth. Obviously, if you can get a hold of the larger gold bars you should but be aware that all of the sizes have good value.
How Much Are Gold Bars Really Worth?
Finally, let’s break down the value of gold bullion. When beginning to find the worth of gold, it’s important to note that a lot of factors play a role in higher and lower premiums. Quantity, the current market price, percentage of gold, condition, serial numbers, and, of course, size are the main factors that are looked at. The larger gold bars will have better price tags. Cast bars come in lower premiums compared to minted due to the production process. When bringing in 1-gram gold bullions, you can expect the price tag to be about $77 (depending on the market), which isn’t bad for a piece of gold so tiny. A 5-gram gold bar would come up at around $330. A 10-gram gold bar is worth around $653. These prices may seem pretty low, however, once you get to 1 ounce and the larger gold bars the price jumps to around $2,025. A 100-gram gold bar will spot a price around $6,481. When you get to 10-ounces gold bars the spot price can vary from about $13,245 to $20,301 depending on the above factors. Finally, a kilo gold bar can be worth $64,353. These numbers show just how precious metals, even the smaller gold bars, really are of course this is all depending on what the current Market Price is.
How to Maintain Your Collection?
The most important rule of thumb with gold is to not handle your collection unless truly necessary. You can store them at home, with a third party, or with a bank. You will just want to make sure it is in a trusted place and is not regularly held. This way you don’t lose any of the money that you put into your gold collection. The market price could set someone financially free, not if/if not well taken care of. Scratches can slightly lower the value, but gold is gold.
In conclusion, there is a huge price tag when it comes to gold, especially gold with high percentages. This makes the process of buying and storing gold very important to most investors and collectors. It’s important to have a plan before beginning to buy gold of any shape or size. With how much gold is worth, it’s important to be on top of your collection. This collection can seriously get you into a very good financial situation depending on how well you keep up with your collection. You’ll just want to remember to keep an eye on authenticity, sizes, and conditions to make sure you are getting what you pay for. Remember that there are many counterfeit gold dealers in the world, and it’s a common mistake to trust a dealer too easily. We wish you the best of luck in your precious metals collecting journey!
Sources
https://www.usgoldbureau.com/gold-bar-sizes